Almonty Industries Inc. provided an update on the construction and financing of the Sangdong Tungsten Mine.
Construction work is progressing under Almonty’s construction schedule, as stated on 3 April 2023, and the total amount drawn under the KfW Loan Facility now stands at US$32.3 million.
Engineering staff from the Sangdong Tungsten Mine team and members of the EPC consortium visited Almonty’s tungsten mines and processing plants in Portugal and Spain in April 2023 to better implement ideas and philosophy in the design and engineering of the Sangdong Tungsten Mine’s main processing plant and pastefill plant.
According to Almonty, as the national demand for the enforcement and implementation of regulations, as well as the promotion of safety awareness, has grown, the Company has conducted HSE training and realigned the organisation to focus on special safety personnel. This is intended to exceed national norms and improve HSE standards at the mine and on the Sangdong Tungsten Mine site.
Almonty reported that the installation of the new 4 MW power system for the mining infrastructure, which replaced the temporary 950 kw system, was completed safely and without incident in March 2023. The Korea Electrical Safety Corporation (KESCO) did the pre-use examination and approved the 4 MW power system with a usage certificate. The power supply expansion is expected to provide steady electricity to the surface and underground infrastructure of the Sangdong Tungsten Mine, enhancing work efficiency and production.
All long-lead-time equipment has been delivered to South Korea from Metso Outotec in Europe. 99% of the Ball Mill and SAG Mill equipment has arrived in South Korea. The last drive is currently scheduled for May 2023.
All engineering plans have been completed, and surface scalping has begun to prepare the site for civil construction.
The manufacturer is nearing completion of key equipment items such as Ultra Fine Screens, Apron Feeders, and Flotation Tanks, and Metso Outotec will soon begin the process of generating documentation for the equipment. According to Almonty, 75% of the light short lead time equipment will be loaded for shipping to South Korea in May 2023.
Members of the local governments, as well as representatives from Sangdong village and adjacent areas, have visited the site in recent months to demonstrate an ongoing interest in the project’s development status and to encourage the hard work and efforts of Almonty staff.
“Building a mine in a mature and developed democracy is a deeply engaging process which includes not only the physical build of the project but also how the project co-exists with the community and the environment both prior, during and after completion. We are building what we expect to be the largest tungsten mine outside of China with a very long mine life which will have a profound and positive effect on the local and domestic community, after decades of economic stagnation for both the South Korean domestic consumption of tungsten and the wider global tungsten market,” Almonty Chairman, President, and CEO Lewis Black said.
Black stated that Almonty wants the Sandong Tungsten Mine to be the most technologically sophisticated tungsten mine in the world, as well as the most ESG-compliant and hence transparent.
“As we continue to advance the mine towards commissioning, it is now my job to ensure that the wider investing market knows more about our Tier 1 project and about this profound effect this mine will have not only in sectors such as technology – batteries, screens, semiconductors – but also defence, an area which is now significantly increasing its global importance particularly in the USA,” he added.
